Toyota have consolidated as the fourth strongest team this year, thanks to two podiums finishes by Jarno Trulli and Timo Glock, the German achieving the team's best result of the year with a second place in Hungary last Sunday.
The Cologne-based outfit have scored 35 points so far, four more than fifth-placed Renault with seven races to go.
If Toyota wind up in fourth place they would equal their best championship classification, having also finished there in 2005.
Howett reckons the team are performing as strongly as three years ago, and is aware that the regulations changes for 2009 could prove a big opportunity for Toyota to take a step forward.
"Yes," he said when asked if Toyota were back on the form they showed in the past. "We had a strong beginning to 2005 because we sacrificed 2004 with the regulation change, although towards the end we lifted.
"Last year, we had actually had a better season than the results showed and maybe we were given credit for, but I think now we have got a good team of people working together and it is coming.
"Next year is a huge opportunity and a huge risk. If you get it right you will be a star and if you get it wrong you will be struggling all season. So, we are mindful of that."
He added: "Like everybody, we have been working a long time on the 2009 car. We are still forcing this car hard, but until we actually race in Australia next year I don't think anyone will know how they have done."
Howett said the team are still not focusing all their efforts on their 2009 car, but he feels Toyota are already in a strong position.
"To be honest, I think it will be another couple of weeks before it is 100 percent on the 2009 car," he said. "But, even now we have been putting quite a lot of effort onto the 2009 car.
"We have been working on it for I suppose nine months to one year, but everybody has. We think we are good, but someone else may be better. We need to be paranoid."
Howett is also aware that the battle for fourth place this year will be very tight and he believes a lot will depend on which team manage to be more consistent.
"We are trying to be strong everywhere. We are trying to put more on the car, but are mindful that we have a massive change in terms of the profile of the aerodynamics for next year.
"So, everyone is reaching that dilemma I think. Between ourselves, Renault and Red Bull it is partly track dependent - and the question will be who can put the most on in the last few weeks before we have to start on next year's car without stop."
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